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Mar 23, 2013 2:00pm PDT
controversial question about a deposit, a compulse or pi eposit tax and what -- compulsory deposit tax. they are proposing 20% of accounts over $130,000 in the bank of cyprus and 4% on the other banks in the sector, bank, the ean lyki second biggest. in theory, these two deposit haircuts won't require another vote, so this makes up another total package, including the plan to save the banks, wind them up and save the cost of recapitalizing, that the cypriots can take on sunday to the euro group and finance mirnses and the i.m.f., based on closed-door meetings that have been going on all day with the troika and say here's our compromise, give us the bail out so we can get opened. it looks like cyprus now is tantalizingly close to a deal. but it it won't come without significant pain for many. peter sharp has this report. >> the people of cyprus had endured a week of increasing uncertainty. as the talks dragged on they took to the streets for yet another night to voice their fears and frustrations. >> if they don't realize that we have strength and we will fight, if they lead us to a dea
Mar 20, 2013 5:30am PDT
to tax people's savings in exchange for $13 billion international bailout. dramatic and unprecedented the no vote in cyprus is the rejection of efforts to impose a bailout on the island, one that would have taken money from the bank accounts of people like these. they were delighted at the news. >> this is an historical moment. not only, of course, with cyprus but in my opinion we are living in historical times. a new era. >> we all felt like someone's -- like someone was putting a gun to our heads. >> inside parliament, there were hours of heated debate. in the end, the president's party abstained and no one voted in favor. this is out a leader of the opposition saw the. >> i hope a constructive dialogue will take place, and we managed to reach a consensus on how to proceed forward. it is a very difficult sign. the rejection of the agreement between the euro group and the government is not the end of the road. it is just the beginning of a very hard fought fight. we know it very well. >> it may well be that on top of the rage people felt having their hard-earned savings taken away, t
Mar 17, 2013 11:00pm PDT
addressed his country to explain why he accepted a controversial plan which includes taxing people's savings and promised to amend some of the provisions to protect small depositers. they're meeting monday to discuss the tax many say are disastrous. >> attempting to drain their savings before the government takes a cut. but these anxious investors were a day late. >> i saw people withdrawing money on saturday and told myself let's do it later. then there were no money. all the cash points were empty. >> beaten by the thousands at the a.t.m. machines across the country, the public could be funding the country's financial bailout. banks put in place withdrawal limits but did nothing to deter would-be cash grabbers. under the deal, anyone with a bank deposit in cypress will be taxed. that means everyone who is less than $130,000 in the bank will pay a one-time tax of 6.75%. anyone with more than that in savings will pay 9.9%. someone with $150,000 in the bank will be forced to give the government nearly $15,000. tonight the president of cypress spoke to the country, urging acceptance of the bai
Mar 18, 2013 5:30am PDT
to tax savers as unfair and dangerous. is cypriot government considering imposing a savings levy of up to 10% as a condition for receiving an international bailout. the president has had to give one of the most difficult speeches of his tenure to convince impede cost to vote for the bailout deal. for to votece him h the bailout deal. >> we are living in the most tragic times since 1974. we have the -- taken charge of a state that is, unfortunately, facing bankruptcy. >> financial experts say many people are still digesting the news to. >> -- the news. >> for me as an economist, the money was still there saturday morning. if you're not watching very very closely, people were very surprised. got hit under 100,000 anyway. that was a bit of a rude shock. i think people are angry and annoyed. 48 hours later, i think people realize -- the president said it very strongly last night. they showed some of the business people on state tv last night. saying, we have no choice, this is all we can do. >> the president sent -- set out his case for voting in this bailout when he addressed the people o
Mar 19, 2013 5:30am PDT
to a tax, it is not agreeing to international bailouts. people rushed to take out their money over the weekend. the european union and the international monetary fund. >> the feeling is that the house is going to reject the bill. >> why is that? because they fear cyprus, a clash. >> how will you treat this information? what will you do with it? >> we have our own plans. >> in japan, a power cut is hitting systems that keep nuclear fuel cool at the fukushima our station. the earthquake and the tsunami to show years ago -- two years ago destroyed the part of the station. the operator assists there is no danger. >> we believe there is plenty of time before the temperatures in the polls exceed what we believe is a danger level of 65 degrees. before that happens, we will do our best to restore power. globalfootage shot by witness seems to be showing activity leading to corrupt land deals. >> this is the malaysian state, fast and a rich and resources, home to many indigenous groups. but it's future hangs in the balance, under threat from certain businessmen and politicians. >> they are t
Mar 21, 2013 5:30am PDT
the country's debt crisis. on wednesday, parliament rejected an eu proposal to tax people. remain closed until next week. now we can join peter sharp. hopefully you can hear me can what seems to be on the table for parliament? to sit in at is due few hours time. if all goes well, they will have in front of them plan b, which fiveway of finding the they 5.8on euros -- billion euros needed. we think inb may include something like this, but basically cyprus will be nationalizing its banks, it's pensions and taking the church property that has been offered to them and putting that in a pile and issuing bonds out of that. they hope that will come up with the necessary 5.8 billion. properties include 2 billion. the talks have been going on all day. russia hasn't come up all day. the talking will continue. when the members of parliament meets here in a few hours time, hopefully they'll be something on the table that they will be able to vote on. >> define a balancing act for tryingrus government and to keeping you the eu happy and the people on the ground. what is happening on the streets? >> i think
Search Results 0 to 5 of about 6